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University of Louisiana at Lafayette - ACCT 200 - Study Guide - Midter

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University of Louisiana at Lafayette - ACCT 200 - Study Guide - Midter

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background image Accounting 200 Study Guide Account: an individual accounting record of increases and 
decreases in a specific asset, liability, or stockholders 
equity item.
 Consists of three parts: title, left or debit side, a right or 
credit side. The format resembles a T we refer to it as T­
account
Assets=Liabilities+ Stockholders Equity Debits increase Assets and Decrease Liabilities Credits Decrease Assets and Increase Liabilities The Normal Balance of an account is on the side where an 
increase in the account is recorded.
Assets= Debit Liability=Credit Stockholders’ Equity: Common Stock, Retained Earnings, 
Dividend, Revenues and EXPENSES.
Journal: referred to as the book of original entry Ledger: entire group of accounts maintained by a company Time Period Assumption: accountants divide the economic 
life of a business into artificial time periods
Accrual basis accounting: record transactions in the periods
in which the events occur.
Cash Basis Accounting: companies record the revenue 
when they receive cash; not in accordance with GAAP

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School: University of Louisiana at Lafayette
Department: Accounting
Course: Intro to Financial Accounting for Health Professionals
Professor: Kathy Hsu
Term: Fall 2016
Tags:
Name: Accounting Study Guide
Description: Study Guide
Uploaded: 09/19/2016
1 Pages 11 Views 8 Unlocks
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